Reinsurance firm Catalina General has agreed with QBE Insurance Group’s subsidiaries for a loss portfolio transfer of QBE’s legacy North American Excess and Surplus (E&S) lines prior accident year liabilities.
The deal is still subject to regulatory approvals and certain closing conditions.
Steve Ryland, group head of global distribution for Catalina, said: “We are thrilled to partner with QBE, a leading global insurer, on such an important transaction. This was a highly collaborative effort, and we appreciate QBE’s confidence in Catalina to deliver this solution for them. This loss portfolio transfer transaction reinforces Catalina’s position as a leading provider of retrospective reinsurance and capital solutions, globally.”
The reinsured portfolio consists of primary and excess general liability policies underwritten by subsidiaries of QBE between 2016 and 2020. Catalina General will assume losses incurred on the portfolio on or prior to December 31, 2021, the reserves for which approximated $334m as of the year-ending 2021. A U.S. subsidiary of Catalina will provide administrative services on the reinsured portfolio.